September 2022 Market Report

Stats are here! A quick look back at where things ended at the end of Sept. Are you watching?

Buyers are joyful as they are finally gaining power regarding their real estate purchases. They can now take time to find the right house and negotiate the purchase price, inspection-related repairs and appraisal values. This additional time is great news for buyers who have been stripped of their negotiation power over the last few years as sellers were firmly in charge of the very robust, COVID-19-fueled seller's market. While interest rates are higher than they were at the be­ ginning of the year, some buyers are getting accustomed to the increased rates and are utilizing available marketplace tools. Conventional conforming loan limits are now $715,000, up from $647,000, which has helped some buyers con­ sidering the average close price of a home is now $745,947. With bidding wars subsiding and appraisal gap coverage becoming a thing of the past, other buyers are looking at VA loans. Conversely, jumbo loans are an attractive option as they offer a lower interest rate than most conventional products.